ESG Narrative Report — FY 2024

FNM Group reduced total Scope 1 and Scope 2 greenhouse gas emissions by 7.3% year-on-year in FY 2024, reaching 184,200 tCO₂e against a 2023 baseline of 198,700 tCO₂e. This reduction is primarily attributable to the progressive electrification of the Lombardy regional rail network, which increased the share of electric traction to 78.4% of total fleet-kilometres operated (FY 2023: 71.2%).

Scope 1 direct emissions from diesel traction declined from 112,400 tCO₂e to 98,600 tCO₂e (−12.3%), reflecting the retirement of 14 diesel multiple-unit sets and their replacement with Alstom Coradia Stream electric trains. Scope 2 market-based emissions increased marginally from 86,300 tCO₂e to 85,600 tCO₂e (−0.8%), consistent with a 4.1% increase in total electricity consumption driven by higher passenger volumes and extended service hours on the Milano–Varese and Milano–Ticino corridors. Total energy consumption across all FNM Group operations reached 1.42 TWh in FY 2024 (FY 2023: 1.38 TWh), of which 89.2% was electrical energy and 10.8% was diesel fuel. The energy intensity ratio improved to 0.031 kWh per passenger-kilometre (FY 2023: 0.034 kWh/pkm), representing an 8.8% efficiency improvement that exceeds the Group's 2025 target of 0.033 kWh/pkm by two years. Water consumption at maintenance depots and operational facilities totalled 182,400 m³ (FY 2023: 191,200 m³), a reduction of 4.6% achieved through the installation of closed-loop cooling systems at the Saronno and Novate Milanese maintenance centres.